Company registration number: 09915593 Charity registration number: 1167384
## THE CORNERSTONE CHURCH GROUP
(A company limited by guarantee) Annual Report and Financial Statements
for the Year Ended 31 March 2021
GRC Accountants Limited 166 Banks Road West Kirby Wirral Merseyside CH48 0RH
## **THE CORNERSTONE CHURCH GROUP**
## **Contents**
|Reference and Administrative Details|1|
|---|---|
|Strategic Report|2|
|Trustees' Report|3 to 4|
|Statement of Trustees' Responsibilities|5|
|Independent Examiner's Report|6|
|Statement of Financial Activities|7|
|Balance Sheet|8|
|Notes to the Financial Statements|9 to 17|
## **THE CORNERSTONE CHURCH GROUP**
## **Reference and Administrative Details**
**Trustees** Mr Anthony Braithwaite Mr Gerald Okullo Mr Hafis Raji **Principal Office** 86 - 90 Paul Street London EC2A 4NE **Company Registration Number** 09915593 **Charity Registration Number** 1167384
**Independent Examiner**
GRC Accountants Limited 166 Banks Road West Kirby Wirral Merseyside CH48 0RH
Page 1
## **THE CORNERSTONE CHURCH GROUP**
## **Strategic Report for the Year Ended 31 March 2021**
The trustees, who are directors for the purposes of company law, present their strategic report for the year ended 31 March 2021, in compliance with s414C of the Companies Act 2006.
The strategic report was approved by the trustees of the charity on 25 January 2022 and signed on its behalf by:
......................................... Mr Anthony Braithwaite Trustee
Page 2
## **THE CORNERSTONE CHURCH GROUP**
## **Trustees' Report**
The trustees, who are directors for the purposes of company law, present the annual report together with the financial statements of the charitable company for the year ended 31 March 2021.
## **Governing document**
The charity is controlled by governing document and a deed of trust.
## **Risk Management**
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure that appropriate controls are in place to provide reasonable assurance against fraud and error.
## **Objectives and activities**
1. The advancement of the Christian faith, relief of poverty, training, advice and guidance, education and the fulfilment of various charitable causes.
2. To provide life skills, employability skills for the disadvantaged and unemployed personal advice and wellbeing services encouraging mental and physical and wellbeing.
3. To participate in partnership with international and local organisations involved in sustainable development projects in developing countries.
## **Our church:**
## **Vision: You are significant**
The Cornerstone Church’s vision is to see mankind living a significant life through a relationship with Jesus Christ, connection with others and in contribution to the local church and society at large.
## **Services and groups:**
The Cornerstone Church has seen its attendance grow and with this subsequently Sunday services had moved to The Crowne Plaza London City whilst midweek gatherings took place in Canada Water (London). As a result of this congregational growth and the need for more facilities catering to children and Sunday school classes. The church has now moved its services to Goldsmiths Student Union in New Cross London and midweek classes take place online.
Following the pandemic and the easing of restrictions in England. Regular weekly services have resumed. Special events have taken place including summer gatherings and children’s celebrations.
## **Charitable activities:**
The Church continues to build on its charitable work supporting and volunteering support in the work of international, national, and local charities. This, especially in light of the demand caused by the COVID-19 pandemic globally. The church has worked in partnership with a number of not-for-profit organisations and charities including:
- Life Solutions
- 999 Club
- Children’s Hope Foundation
- Central Southwark Community Foodbank
- Thames Reach
- Feltham Young Offenders Institute
Page 3
## **THE CORNERSTONE CHURCH GROUP**
## **Trustees' Report**
- Job Centre Plus
- The Empowerment Group
- Spark 2 life
- Box up Crime
- The Bible Society
- Save the Children
- Release International
- Faithful with a Few
## **New charitable projects**
Other community and international projects have seen us further partner with and support organisations such as Our Street Children, working internationally to support impoverished children and the Lewisham Foodbank in alleviating food poverty.
## **Restricted funds**
Restricted funds include any funds allocated for community-based projects including grants received to support our charity and community projects delivered during the pandemic including lockdown periods.
## **Small companies provision statement**
This report has been prepared in accordance with the small companies regime under the Companies Act 2006.
The annual report was approved by the trustees of the charity on 25 January 2022 and signed on its behalf by:
......................................... Mr Anthony Braithwaite Trustee
Page 4
## **THE CORNERSTONE CHURCH GROUP**
## **Statement of Trustees' Responsibilities**
The trustees (who are also the directors of THE CORNERSTONE CHURCH GROUP for the purposes of company law) are responsible for preparing the trustees' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.
Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the trustees are required to:
- select suitable accounting policies and apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by the trustees of the charity on 25 January 2022 and signed on its behalf by:
......................................... Mr Anthony Braithwaite Trustee
Page 5
THE CORNERSTONE CHURCH GROUP
Independent Examlner's Report to the trnstse5 of THE CORNERSTONE CHURCH
GROUP
I rcport to the charity ttttstees on my cxaminE4tion of the accounts of the chlty for the year ¢nded 31 March
2021 which or¢ set out oll pag¢$ 7 to 17.
Respeetive responslblllties of trustee5 and eXAmlner
As the Charity's trustees of THE CORNERSTONE CHURCH GROUP (and atso its director8 for the purposes of
company18w) you are rcsponsible for the preparation of the a¢counts in &ccordane¢ with th¢ r¢quiremonts of the
Companies Act 2006 ('th¢ 2006 Act,).
H8ving satisfied rnysclf that the Accounts of THE CORNERSTONE CHURCH GROiIP ar¢ ttot requiwd trp be
audited undtr Part 16 of tbe 2006 Act ond are ¢ligiblc for indepcThdent examinatlon, I report in respect of my
¢xaTnin&tion of your charity's accounts a¥ carried Qui under s¢ctitsn 145 of the Charkties Act 2011 I'the 2011
Act,). In carrying out my cxsmination I have followed the r)irtiOnS given by the Charity Commission under
gc¢tion I45(5)} of thc 20II Act.
Independent exAmltser'$ 8tAtem¢nt
I have ¢ompletcd my ox&mination. l ¢onfirrn that no mpttors hav¢ ¢ome to my attentiott in connection with th
amit)ation givin8 cau5C to b¢li¢ve'.
occounting re¢ords wcrc rtot kept iTh respect of THE CORNERSTONB CHURCH OROUP as required by
scction 386 of th¢ 2006 Act; or
2. the accounts do not Accord with those record5: or
3. th¢ ac¢owits do not ¢omply wllh the ac¢ounting ruIreMents of %ctitsn 396 of the 2006 A¢t othw than
any requircrnenl Ihat the Ount8 giv¢ a 'ttvc amd fair view, whi¢h 1$ not & mAtter considered as part of an
indcpcnd¢nt cxamin4tion,' or
4. th¢ N¢¢oun15 havc not been PTepar¢d in a¢eordanc¢ with the molhod8 and PTineiples of thc Stsi¢m¢nt of
Recomfflcnded Prtice for *¢counting and r¢porting by ch8riti¢s lapplieable w eharlties pr¢paTing their
aOut& in aecordanc¢ with thc Finan¢ial Reporting sThdard applicable in the UK 8n(l Kcpublic of
Ireland (fRS 102)].
I have no con¢ems and have ¢ome acro88 no oiher matters in connection wlth the ¢xaminu¢ion to whi¢h Attention
should be drawn in thi5 r¢port in ord¢r to enable a proper undorstallditty of the 4c¢ounts to be reaehed.
G¢th Cooper
ACCA
166 Bat)ks Road
W¢6t Kirby
Wirral
Mers¢ysid¢
CH48 ORH
26 January 2022
Page 6
## **THE CORNERSTONE CHURCH GROUP**
## **Statement of Financial Activities for the Year Ended 31 March 2021 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)**
|**Note**
**Income and Endowments from:**
Donations and legacies
3
Total income
**Expenditure on:**
Raising funds
5
Charitable activities
6
Total expenditure
Net income/(expenditure)
Transfers between funds
Net movement in funds
**Reconciliation of funds**
Total funds brought forward
Total funds carried forward
14
**Income and Endowments from:**
Donations and legacies
Investment income
Total income
**Expenditure on:**
Raising funds
Charitable activities
Total expenditure
Net income
Net movement in funds
**Reconciliation of funds**
Total funds brought forward
Total funds carried forward|**Unrestricted**
**funds**
**£**
133,712
133,712
(14,908)
(55,724)
(70,632)
63,080
(737)
62,343
116,040
178,383
**Note**
3
4
5
6
14|**Restricted**
**funds**
**£**
61,946
61,946
-
(62,683)
(62,683)
(737)
737
-
-
-
**Unrestricted**
**funds**
**£**
115,692
1
115,693
(28,440)
(79,344)
(107,784)
7,909
7,909
108,131
116,040|**Total**
**2021**
**£**
195,658|
|---|---|---|---|
||||195,658|
||||(14,908)
(118,407)|
||||(133,315)|
||||62,343
-|
||||62,343
116,040|
||||178,383|
||||**Total**
**2020**
**£**
115,692
1|
||||115,693|
||||(28,440)
(79,344)|
||||(107,784)|
||||7,909|
||||7,909
108,131|
||||116,040|
All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2020 is shown in note 14.
Page 7
## **THE CORNERSTONE CHURCH GROUP**
## **(Registration number: 09915593) Balance Sheet as at 31 March 2021**
|||**2021**|**2020**|
|---|---|---|---|
||**Note**|**£**|**£**|
|**Fixed assets**||||
|Tangible assets|13|1|450|
|**Current assets**||||
|Cash at bank and in hand||178,382|115,590|
|**Net assets**||178,383|116,040|
|**Funds of the charity:**||||
|**Unrestricted income funds**||||
|Unrestricted funds||178,383|116,040|
|**Total funds**|14|178,383|116,040|
For the financial year ending 31 March 2021 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the charity to obtain an audit of its accounts for the year in question in accordance with section 476; and
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements on pages 7 to 17 were approved by the trustees, and authorised for issue on 25 January 2022 and signed on their behalf by:
......................................... Mr Anthony Braithwaite Trustee
Page 8
## **THE CORNERSTONE CHURCH GROUP**
## **Notes to the Financial Statements for the Year Ended 31 March 2021**
## **1 Charity status**
The charity is limited by guarantee, incorporated in , and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £1 towards the assets of the charity in the event of liquidation.
The address of its registered office is: 86 - 90 Paul Street London EC2A 4NE
These financial statements were authorised for issue by the trustees on 25 January 2022.
## **2 Accounting policies**
## **Summary of significant accounting policies and key accounting estimates**
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
## **Statement of compliance**
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). They also comply with the Companies Act 2006 and Charities Act 2011.
## **Basis of preparation**
THE CORNERSTONE CHURCH GROUP meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.
## **Going concern**
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the charity.
## **Exemption from preparing a cash flow statement**
The charity opted to early adopt Bulletin 1 published on 2 February 2016 and have therefore not included a cash flow statement in these financial statements.
## **Income and endowments**
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of the income receivable can be measured reliably.
Page 9
## **THE CORNERSTONE CHURCH GROUP**
## **Notes to the Financial Statements for the Year Ended 31 March 2021**
## _**Donations and legacies**_
Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance by the charity before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that these conditions will be fulfilled in the reporting period.
## _**Grants receivable**_
Grants are recognised when the charity has an entitlement to the funds and any conditions linked to the grants have been met. Where performance conditions are attached to the grant and are yet to be met, the income is recognised as a liability and included on the balance sheet as deferred income to be released.
## _**Investment income**_
Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.
## **Expenditure**
All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.
## _**Raising funds**_
These are costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raise funds.
## _**Charitable activities**_
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
## **Support costs**
Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example, allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage.
## **Governance costs**
These include the costs attributable to the charity’s compliance with constitutional and statutory requirements, including audit, strategic management and trustees’s meetings and reimbursed expenses.
## **Taxation**
The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
Page 10
## **THE CORNERSTONE CHURCH GROUP**
## **Notes to the Financial Statements for the Year Ended 31 March 2021**
## **Tangible fixed assets**
Individual fixed assets costing £500.00 or more are initially recorded at cost.
## **Depreciation and amortisation**
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:
**Asset class** Plant & Machinery
**Depreciation method and rate** 25% straight line
## **Cash and cash equivalents**
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
## **Trade creditors**
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the charity does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
## **Fund structure**
Unrestricted income funds are general funds that are available for use at the trustees's discretion in furtherance of the objectives of the charity.
## **3 Income from donations and legacies**
|Donations and legacies;
Donations from individuals
Gift aid reclaimed
Grants, including capital grants;
Grants from other charities|**Unrestricted**
**funds**
**General**
**£**
120,083
13,629
-
133,712|**Restricted**
**funds**
**£**
-
-
61,946
61,946|**Total**
**2021**
**£**
120,083
13,629
61,946
195,658|**Total**
**2020**
**£**
101,561
14,131
-|
|---|---|---|---|---|
|||||115,692|
Page 11
## **THE CORNERSTONE CHURCH GROUP**
## **Notes to the Financial Statements for the Year Ended 31 March 2021**
|**4**
**Investment income**
Interest receivable and similar income;
Interest receivable on bank deposits
**5**
**Expenditure on raising funds**|**Total**
**2021**
**£**
-|**Total**
**2020**
**£**
1|
|---|---|---|
||||
## **a) Costs of trading activities**
|**Note**
Other direct costs of activities for generating
funds
Costs of generating donations and legacies
Costs of trading activities|**Unrestricted**
**funds**
**General**
**£**
1,642
1,642
**Allocated**
**support costs**
**£**
15,544
1,642
17,186|**Total**
**2021**
**£**
1,642
1,642
**Total**
**2021**
**£**
15,544
1,642
17,186|**Total**
**2020**
**£**
2,791|
|---|---|---|---|
||||2,791|
||||**Total**
**2020**
**£**
25,649
2,791|
||||28,440|
Page 12
## **THE CORNERSTONE CHURCH GROUP**
## **Notes to the Financial Statements for the Year Ended 31 March 2021**
## **6 Expenditure on charitable activities**
|**Note**
Staff costs
Allocated support costs
7
Governance costs
7|**Unrestricted**
**funds**
**General**
**£**
641
52,495
2,588
55,724|**Restricted**
**funds**
**£**
-
62,683
-
62,683|**Total**
**2021**
**£**
641
115,178
2,588
118,407|**Total**
**2020**
**£**
30
76,054
3,260|
|---|---|---|---|---|
|||||79,344|
£115,375 (2020 - £79,344) of the above expenditure was attributable to unrestricted funds and £Nil (2020 - £Nil) to restricted funds.
## **7 Analysis of governance and support costs**
## **Support costs allocated to charitable activities**
|Advertising
Legal & Professional fees
Travel & subsistence
Rent
Telephone
Computer software & maintenance
Printing, postage and stationery
Subscriptions
Donations
General expenditure
Entertainment|**Administration**
**costs**
**£**
264
81,356
2,544
(1,485)
413
615
597
504
23,567
6,786
17
115,178|**Total**
**2021**
**£**
264
81,356
2,544
(1,485)
413
615
597
504
23,567
6,786
17
115,178|**Total**
**2020**
**£**
567
33,747
8,129
24,000
200
496
313
317
5,120
645
2,520|
|---|---|---|---|
||||76,054|
Page 13
## **THE CORNERSTONE CHURCH GROUP**
## **Notes to the Financial Statements for the Year Ended 31 March 2021**
## **Governance costs**
|**Unrestricted**
**funds**
**General**
**£**
Independent examiner fees
Examination of the financial statements
1,018
Depreciation, amortisation and other similar costs
449
Other governance costs
1,121
2,588
**8**
**Net incoming/outgoing resources**
Net incoming resources for the year include:
Depreciation of fixed assets
**9**
**Trustees remuneration and expenses**
**10 Staff costs**
The aggregate payroll costs were as follows:
**Staff costs during the year were:**
Other staff costs
No employee received emoluments of more than £60,000 during the year.
**11 Independent examiner's remuneration**
Examination of the financial statements
**12 Taxation**|**Total**
**2021**
**£**
1,018
449
1,121
2,588
**2021**
**£**
449
**2021**
**£**
641
**2021**
**£**
1,018|**Total**
**2020**
**£**
1,200
707
1,353|
|---|---|---|
|||3,260|
|||**2020**
**£**
707|
|||**2020**
**£**
30|
|||**2020**
**£**
1,200|
||||
The charity is a registered charity and is therefore exempt from taxation.
Page 14
## **THE CORNERSTONE CHURCH GROUP**
## **Notes to the Financial Statements for the Year Ended 31 March 2021**
## **13 Tangible fixed assets**
|**13 Tangible fixed assets**|||
|---|---|---|
|**Cost**
At 1 April 2020
At 31 March 2021
**Depreciation**
At 1 April 2020
Charge for the year
At 31 March 2021
**Net book value**
At 31 March 2021
At 31 March 2020|**Furniture and**
**equipment**
**£**
2,828
2,828
2,378
449
2,827
1
450|**Total**
**£**
2,828|
|||2,828|
|||2,378
449|
|||2,827|
|||1|
|||450|
Page 15
## **THE CORNERSTONE CHURCH GROUP**
## **Notes to the Financial Statements for the Year Ended 31 March 2021**
## **14 Funds**
|**14 Funds**|||
|---|---|---|
|**Unrestricted funds**
General
**Restricted funds**
**Total funds**
**Unrestricted funds**
General|**Balance at 1**
**April 2020**
**£**
**Incoming**
**resources**
**£**
**Resources**
**expended**
**£**
**Transfers**
**£**
**Balance at**
**31 March**
**2021**
**£**
(116,040)
(133,712)
70,632
737
(178,383)
-
(61,946)
62,683
(737)
-
(116,040)
(195,658)
133,315
-
(178,383)
**Balance at 1**
**April 2019**
**£**
**Incoming**
**resources**
**£**
**Resources**
**expended**
**£**
**Balance at 31**
**March 2020**
**£**
(108,131)
(115,693)
107,784
(116,040)|**Balance at**
**31 March**
**2021**
**£**
(178,383)
-|
|||(178,383)|
||||
## **15 Analysis of net assets between funds**
|**15 Analysis of net assets between funds**|||
|---|---|---|
|Tangible fixed assets
Current assets
Total net assets
Tangible fixed assets
Current assets
Total net assets|**Unrestricted**
**funds**
**General**
**£**
1
178,382
178,383
**Unrestricted**
**funds**
**General**
**£**
450
115,590
116,040|**Total funds**
**£**
1
178,382|
|||178,383|
|||**Total funds**
**£**
450
115,590|
|||116,040|
Page 16
## **THE CORNERSTONE CHURCH GROUP**
## **Notes to the Financial Statements for the Year Ended 31 March 2021**
## **16 Analysis of net funds**
|**16 Analysis of net funds**|||
|---|---|---|
|**At 1 April 2020**
**£**
Cash at bank and in hand
115,590
Net funds
115,590
**At 1 April 2019**
**£**
Cash at bank and in hand
106,974
Net funds
106,974|**Cash flow**
**£**
62,792
62,792
**Cash flow**
**£**
8,616
8,616|**At 31 March**
**2021**
**£**
178,382|
|||178,382|
|||**At 31 March**
**2020**
**£**
115,590|
|||115,590|
Page 17